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Friday, December 2, 2022

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Gold Falls at AED 6,371.12/Ounce, Silver Follows at AED 76.96

Gold prices in the UAE, including Dubai, registered a slight dip on Wednesday as the price of 24-karat gold fell by AED 1.00 to AED 210.25 (Rs 4,683) per gram during the morning session. Similarly, the 22-karat gold grade is trading lower at 0.75 AED and priced at 197.50 AED (INR 4,400). Gold also traded lower in ounces, at AED 29.37 (INR 654). The price of yellow metal per ounce in UAE was AED 6,371.12 (INR 141,928).

Data from Dubai Gold and Jewelery Group showed that silver also fell to AED 76.96 (Rs 1714). The currency of the United Arab Emirates is the Emirati Dirham, abbreviated as AED. An Emirati Dirham (AED) is currently worth Rs 22.27 INR.

In Dubai, the 21K traded cheaper at AED 188.50, with 18K also following the trend at AED 161.50. Silver was trading at AED 2,470 (Rs 55,018.77) per kilogram in Dubai, compared to its previous closing price of AED 2,511.43 (Rs 55,941.61) yesterday.

The price of gold can continue to fluctuate on the world market. The US Federal Reserve is about to announce another rate hike to curb inflation. At its most recent meeting – the minutes of which have not yet been released – the Federal Reserve is expected to announce a rate hike of 50 basis points, adding pressure to the gold price.

On the other hand, gold prices in India saw a drop today, with gold futures trading up 0.16 percent at Rs 52,205. Silver futures followed suit, recording a 0.13 percent decline, trading at Rs 60,908.

Due to various factors, Indians choose to buy gold in the United Arab Emirates, especially in Dubai. Compared to India, gold in Dubai is significantly cheaper. Besides being affordable, buying gold in the United Arab Emirates is also tax-free, and the yellow metal there is known to be of significantly higher quality.

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